Eli Lilly (NYSE:LLY) CEO told the media Monday the pharmaceutical industry’s pursuit of treatments and vaccines for the coronavirus pandemic has been defined by two qualities: speed and cooperation.
Dave Ricks referred specifically to the early data released last week for the drug maker’s potential coronavirus treatment using neutralizing antibodies.
"Speed is a hallmark to the industry’s response to COVID-19, and I don’t think most everyday listeners understand. We developed this antibody and got to proof of concept in six months," Ricks said. "Usually, that’s more than six years."
The global health crisis also brought together industry rivals in hopes of accelerating the development — and the production — of drugs that may help limit the impact of COVID-19, Ricks said.
More than 31.1 million people worldwide have been infected and at least 962,343 have died since the novel coronavirus emerged late last year in China, according to data compiled to Johns Hopkins University.
A spirit of cooperation also explains why Eli Lilly teamed up with Amgen (NASDAQ:AMGN) in a deal announced Thursday, according to Ricks, who described manufacturing as a "huge problem."
He added, "One drawback of neutralizing antibodies is while they may be pretty safe and they have good effects, they’re very hard to make."
However, Ricks said the partnership with Amgen will allow Eli Lilly — should its antibodies prove effective in trials and receive approval from regulators — to "bring more volume to the fight, so that more people around the world can benefit from the therapy like the one we have preliminary data on."
LLY shares shed 76 cents to $150.43, first thing Tuesday, while Amgen closed Monday at $243.19
